May 19, 2024

Huge whale activity is surrounding Chainlink

Huge whale activity is surrounding Chainlink

Chainlink’s LINK token experienced a surge in value after the release of the company’s Cross-Chain Interoperability Protocol (CCIP) earlier this week. The CCIP protocol is designed to facilitate cross-chain applications and services, and it went live for early access users on several blockchains, including Avalanche, Ethereum, Optimism, and Polygon.

Following the release of CCIP, LINK’s trading volume more than doubled to $580 million, and the token’s price rose to $8, representing a weekly gain of over 25%. On-chain data revealed that some wealthy investors, known as whales, added over million to their LINK holdings during the morning, contributing to the price increase of up to 6%.

The CCIP protocol was tested by 25 partners before moving to the mainnet, and it is now becoming available to all developers across five testnets, including Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai.

The positive impact of CCIP’s release also extended to other oracle protocols, as Band Protocol’s BAND token saw a 9% increase in value, while Uma’s UMA and API3 tokens both jumped 5.4% in the past 24 hours. The surge in prices of these tokens indicates growing interest and demand for cross-chain interoperability solutions in the crypto market.